The COVID-19 crisis caused the Austrian economy to suffer its worst slump since World War II. The declines are concentrated
in the second quarter of 2020, where the economic and social life was at times severely restricted by the lockdown. However,
the recovery was faster compared to previous crises. The particularly strong momentum of the pandemic is also clearly visible
in the construction industry. With the construction site closures in March, production dropped sharply. However, the recovery
was just as rapid and stronger than in other sectors. This underlines the good starting position of the Austrian construction
industry before the breakout of the pandemic. By summer 2020, production activity had already returned to the previous year's
level. The rapid recovery and good order situation should also ensure stable, but weaker growth rates in the coming years.
Research group:Structural Change and Regional Development